- Cardano (ADA) is down by 7.13% in the last 24 hours.
- The price movement of ADA seen recently is a repetitive trend seen in the coin’s history in moments of a build-up to hard fork events.
- Some previous hard fork events were during a bull market, while the upcoming hard fork will take place in a downtrend.
Cardano (ADA) is down by 7.13% in the last 24 hours, according to crypto market tracker CoinMarketCap.
Currently, the price of ADA is $0.6049. This ranks the coin sixth on CoinMarketCap’s list of the biggest crypto projects by market cap – below Binance Coin (BNB) and above Ripple (XRP).
This slight pull back in ADA’s price on the last day follows after the coin rallied by more than 20% the day prior.
The price movement of ADA recently is a repetitive trend seen in the coin’s history in moments of a build-up to hard fork events. There have been three such moments in the coin’s history, and it looks like the upcoming Vasil hard fork event may have a similar effect on ADA’s price.
However, one thing to note is that the previous three hard fork events were during a bull market, whereas the current upcoming hard fork will take place in a downtrend. This may mean that instead of entering into a bullish rally, which is what the price of ADA has done in the previous three hard fork events, we could see ADA establish a solid price bottom to launch off of.
ADA price retraces slightly (Source: TradingView)
On the daily chart, the price of ADA has risen above the 20 Moving Average (MA) line and attempted to test the 50 MA line. The 50 MA attempt was met with a slight pull back in price.
However, a retracement at this time may be healthy if the price of ADA can stay above the 20 MA line – allowing ADA to establish a solid foundation to launch off from as the Vasil hard fork approaches. Investors should be cautious as the price of ADA may fall back down to the $0.52 level before rising again.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.